10 Achievements of Mankind Made Possible by Economic Freedom
10. Information Age
The Information Age (also known as the Computer Age, Digital Age, or New Media Age) is a current period in human history characterized by the shift from traditional industry that the industrial revolution brought through industrialization, to an economy based on information and computerization. The onset of the Information Age is associated with the Digital Revolution, just as the Industrial Revolution marked the onset of the Industrial Age.
Under the Information Age, the digital industry creates a knowledge-based society surrounded by a high-tech global economy. The rise of the Information Age was only possible through the system created by the modern capitalist society. In a free market society, the information industry is able to allow individuals to explore their personalized needs, therefore simplifying the procedure of making decisions for transactions and significantly lowering costs for both the producers and buyers. This is accepted overwhelmingly by participants throughout all economic activities for efficiency purposes, and new economic incentives would then be indigenously encouraged, such as the knowledge economy.
The Information Age was formed by capitalizing on the advances in computer microminiaturization. This evolution of technology has allowed rapid global communications and networking to shape modern society and change the way we socialize, communicate, get education, do business, use media, and live our daily lives.
